JPMorgan & Goldman Sachs want the same people to build a new product that will define their futures
It was Marty Chavez who said it. Back in 2017, Goldman's then-CIO said he wanted Goldman Sachs to become the Google of Wall Street. Chavez wasn't talking literally - his plan was for Goldman Sachs to build a 'data lake' that would become the definitive source of risk information in the same way that Google is the definitive source of search information. In fact, things are turning out a little differently. Goldman Sachs is building its very own internal search engine. And so is JPMorgan.
Goldman Sachs' search engine was surfaced in an article yesterday from Business Insider which referenced a project called 'Neon' - 'a search engine built by the compliance division to find data, conduct surveillance, and detect pattern anomalies.'
This Neon search engine has now escaped compliance and is being applied across Goldman to things like compiling lists of discussions on projects, searching through planned meetings, or sorting past pitch books. It seems Google is no good for this kind of search because it doesn't understand Goldman's internal jargon and acronyms and nor does it understand specific terms in the banking industry. If Goldman can get it right, the entire firm will become far more efficient.
Just as Goldman has realised the need for its very own search engine, so has JPMorgan. Nothing's been written about JP's revelation but we know it took place because the bank is currently advertising for a vice president (VP) of search to work with David Hudson and Guy Halamish, the men charged with making JPMorgan's corporate and investment bank properly 'digital.'
"As the bank creates more and more content and produces new data, users look to search to find that information," says JPM's job description. - "We need you to help make search intelligent, contextual so that we deliver a personalized and relevant result to our customers." - The implication is that JPMorgan's new search engine will be made accessible to clients and internal users.
As JPMorgan and Goldman Sachs quite literally become Google, they both need the same sorts of candidate: those with natural language processing (NLP) skills.
JPMorgan's job description for its search VP specifies its need for, 'natural language processing' and 'language recognition work.' Goldman's job ads for Neon say it's looking for people with, 'information retrieval' and NLP skills. Google seems the obvious place for them to start looking.
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